{"F": {"ts_code": "605287.SH", "name": "德才股份", "mkt": "CN", "ccy": "元", "sw1": "建筑装饰", "sw2": "装修装饰Ⅱ", "sw3": "装修装饰Ⅲ", "ind": "装修装饰Ⅱ", "fin_source": "tushare", "market": "主板", "list_date": "20210706", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 38.36, "pe_ttm": 80.0842, "pb": 3.3722, "dv_ttm": 0.1312, "total_mv": 537040.0, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [13.1, 14.0, 14.2, 14.9, 10.6, 16.4], "rev_series": [46.4, 50.4, 56.4, 61.0, 41.3, 35.1], "np_series": [1.8, 1.4, 2.0, 1.6, -2.9, 0.7], "roe_series": [29.7, 12.7, 12.4, 8.7, -16.8, 4.5], "period": "20260630", "rev_ttm": 35.4, "np_ttm": 0.7, "ocf_ttm": 1.1, "fcf_ttm": 0.2, "fcf_yield": 0.5, "ocf_yield": 2.0, "gm_median": 14.2, "gm_std": 1.9, "gm_stab": 0.87, "gm_chg_2022": 1.1, "npm_median": 2.7, "roe_median": 8.7, "commodity": false, "hard_ratio": 7.2, "fix_assets": 7.7, "goodwill_ratio": 0.0, "pb_calc": 3.37, "capex_dep": 1.28, "interest_debt": 27.7, "debt_ebitda": 11.5, "debt_ratio": 84.5, "debt_mv": 51.7, "payout": 10.3, "div_years": 4, "rev_cagr3": -14.6, "np_cagr3": -29.5, "rev_yoy": 2.6, "np_yoy": -6.1, "np_vol": 136.8, "loss_years": 1, "far_share": 94.0, "earn_yield": 1.2, "consensus_n": 1, "fwd_pe": 64.6, "fwd_pe2": 56.7, "fwd_g1": 24.0, "fwd_g2": 14.0, "peg": 4.61, "consensus_disp": null, "mainbz": [["产品", 24.0], ["装饰装修业务", 15.0], ["1,装饰装修业务", 15.0], ["装饰装修业务：内装装饰业务", 9.0]], "ret_prev_year": 113.8, "ret_prev2_year": -28.0, "ret_ytd": 48.3, "ret_pivot": 260.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -6.3, "ret_60": -2.5, "ret_120": -18.6, "ret_250": 135.1, "mdd_250": -55.2, "vol_250": 72.5, "pos_52w": 57.0}, "S": {"duration": 86, "pricing": 46, "hard": 12, "bondness": 39}, "label": "中性", "tags": [], "text": {"像什么": ["PE 80.1 倍、股息率 0.1%、毛利率近 5 年中位 14.2%、固定资产占比 7%、有息负债/EBITDA 11.5 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 7%,毛利率近 5 年中位 14.2%。", "加息期怎么走": "按行业与估值常规看,没有明确的利率方向性。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 0.5%(经营现金流/市值 2.0%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 14.2%,稳定度 87%,2020→2022 成本通胀期毛利率变化 1.1 个百分点。不能。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 7%,资本开支/折旧 1.28 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 80.1 倍 粗算,约 94%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 135%,最大回撤 -55%,年化波动 72%,现价在 52 周高点的 57%;近 20 / 60 / 120 日 -6% / -2% / -19%。", "行业对照": ["同申万二级「装修装饰Ⅱ」22 家中位:PE 49.6 / 股息率 2.4% / 毛利率 12.9% / 固定资产占比 8% / 分红率 28%。", "德才股份:PE 比行业中位高 30.5倍;股息率 比行业中位低 2.3个百分点;毛利率 比行业中位高 1.3个百分点;固定资产占比 比行业中位低 1.1个百分点。"]}}